US gasoline imports from europe decline

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FE Team | Published: April 28, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

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LONDON, Apr 27 (Bloomberg): Gasoline shipments to the U.S. from Europe are poised to drop in April to the lowest in four months, reinforcing speculation that a surge in pump prices is hurting consumption in the world's biggest oil user. At least 15 tankers were scheduled to ship 570,000 metric tons of the fuel to the U.S. Atlantic Coast from Europe as of April 20, the least for a comparable period since December, according to Clarkson Research Services Ltd., a unit of the world's biggest shipbroker. "The main downside risk on gasoline remains the demand erosion or destruction risk as gasoline prices at the pump are starting to average $4 a gallon before the start of the driving season," Olivier Jakob, managing director of Switzerland-based consultant Petromatrix GmbH, said on April 25. "The U.S. driving budget is double what it was in the spring of 2009." A decline in imports at a time when motorists normally start taking to the roads for summer vacations underlines concern that demand is falling, limiting export opportunities for European refiners, including Total SA, the largest in the continent, and energy traders such as Morgan Stanley. The International Energy Agency on April 12 said that swelling fuel costs are eroding growth in the world's largest economy.